Frank McCourt Agrees to Sell Los Angeles Dodgers

After a turbulent seven years as Los Angeles Dodgers owner, Frank McCourt has agreed to sell the team, in consultation with Major League Baseball.

They intend to auction the team, Dodger Stadium, and the surrounding parking lots in the coming months. McCourt paid $421 million in 2004, but the package is valued much higher.

McCourt’s reign over one of baseball’s most storied franchises was overrun by controversy and bad publicity. Most recently, the league alleged that McCourt had “looted” $189 million in team revenue for personal use, a charge that the organization vehemently denied. In divorce proceedings, McCourt’s ex-wife, Jamie, claimed half-ownership of the Dodgers and he has agreed to pay her $130 million in the settlement. And McCourt took the team into bankruptcy in June.

One possible name who could become the next owner? Dallas Mavericks owner Mark Cuban, who reportedly expressed interest in buying the ballclub, but balked at a $1 billion price tag. Forbes valued the franchise at $800 million last spring.